Publications

January 2004
Article

Investigating the Economic Role of Mergers

By: Gregor Andrade and Erik Stafford

April 1995 (Revised May 1995)
Case

Kraft General Foods: The Merger (B)

By: David J. Collis and Elizabeth Wynne Johnson

Discusses the recent decision to blend the previously separate Kraft and General Foods units into one operating company with a focus on the creation of a single massive sales force. View Details

Keywords: Mergers and Acquisitions; Salesforce Management; Corporate Strategy; Consumer Products Industry; Food and Beverage Industry

August 2017
Case

Turkish Economy Bank and Fortis Bank: Managing a Complex Merger

By: Stuart C. Gilson, Esel Çekin and Sarah L. Abbott

Following the announcement of the merger of the Turkish Economic Bank (TEB) and Fortis Bank AS, Varol Civil, TEB's CEO, is faced with the task of executing the merger of these two entities. First, all parties must agree to the economic terms of this merger; a process... View Details

Keywords: M＆A; Turkey; Banking; Restructuring; Financial Institutions; Change Management; Mergers and Acquisitions; Banking Industry; Turkey

November 1988 (Revised January 1989)
Background Note

Note on Tax and Accounting Issues in Mergers and Acquisitions

Presents a simplified introduction to tax and accounting issues relevant to mergers and acquisitions. Mergers, asset purchase, and stock acquisition are dealt with in the context of taxable vs. non-taxable transactions. Accounting treatment of the transactions is... View Details

Keywords: Taxation; Mergers and Acquisitions; Accounting

January 2018 (Revised February 2019)
Supplement

Merger Arbitrage at Tannenberg Capital (B)

By: Samuel G. Hanson

December 2002 (Revised February 2005)
Case

Cap Gemini Ernst & Young (A): A Global Merger

By: Ashish Nanda

French IT consulting giant Cap Gemini is poised to purchase the consulting arm of Ernst & Young, a U.S.-based Big 5 accounting firm. In doing so, many differences need to be resolved, including negotiating with Ernst & Young entities all over the world as well as... View Details

Keywords: Negotiation; Multinational Firms and Management; Mergers and Acquisitions; Cross-Cultural and Cross-Border Issues; Information Technology Industry; Consulting Industry; France

September 1981 (Revised October 1984)
Case

El Paso - PNW Merger (C)

By: Richard H.K. Vietor

Keywords: Mergers and Acquisitions; Energy Industry; Utilities Industry

Article

Mergers and Competition in Book Publishing

By: David A. Garvin

Keywords: Mergers and Acquisitions; Competition; Books; Publishing Industry

April 2002
Article

Limited Arbitrage in Mergers and Acquisitions

By: Malcolm Baker and Serkan Savasoglu

A diversified portfolio of risk arbitrage positions produces an abnormal return of 0.6-0.9% per month over the period from 1981 to 1996. We trace these profits to practical limits on risk arbitrage. In our model of risk arbitrage, arbitrageurs' risk-bearing capacity... View Details

Keywords: Arbitrage; Market Efficiency; Mergers and Acquisitions; Profit; Risk and Uncertainty; Corporate Strategy; Capital; Banking Industry

August 10, 2023
Editorial

A Conversation on the Draft Merger Guidelines

By: Cory S. Capps and Leemore Dafny

Keywords: Mergers and Acquisitions; Government Legislation

July – August 2000
Article

Drug Industry Mergers Won't Necessarily Benefit R&D

By: Rebecca M. Henderson

Keywords: Mergers and Acquisitions; Health; Research and Development

October 2012
Article

The Effect of Reference Point Prices on Mergers and Acquisitions

By: Malcolm Baker, Xin Pan and Jeffrey Wurgler

Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a... View Details

Keywords: Mergers and Acquisitions; Stocks; Price; Valuation; Negotiation

April 2006 (Revised April 2012)
Background Note

The Role of Private Equity Firms in Merger and Acquisition Transactions

By: William E. Fruhan Jr.

Explores the importance of private equity firms in merger and acquisitions activity around the globe. In many countries, these firms now account for one quarter of the total merger and acquisition activity of all firms. The larger private equity firms generate fees for... View Details

Keywords: Leveraged Buyouts; Mergers and Acquisitions; Private Equity; Investment Funds; Value Creation

September 2024
Teaching Plan

CommonSpirit Health: Integrating a Merger of Equals

By: Hise Gibson

Teaching Plan for HBS Case No. 621-034. View Details

September 2000
Teaching Note

Upjohn Company, The: The Upjohn-Pharmacia Merger (TN)

By: Krishna G. Palepu

Teaching Note for (9-197-034). View Details

Keywords: Financial Services Industry

August 1976
Case

McCord Corp.: Merger with Davidson Rubber Co.

January 2, 2020
Article

Changes in Quality of Care After Hospital Mergers and Acquisitions

By: Nancy Dean Beaulieu, Leemore S. Dafny, B. E. Landon, Jesse Dalton, Ifedayo Kuye and J. Michael McWilliams

Background: The hospital industry has consolidated substantially during the past two decades and at an accelerated pace since 2010. Multiple studies have shown that hospital mergers have led to higher prices for commercially insured patients, but research about effects... View Details

Keywords: Hospitals; Mergers and Acquisitions; Health Care and Treatment; Quality